Question about renting/buying from family member

[number5]

If I am renting a small plot of land (to keep an RV on, it would be our main house) from a family member, would that be acceptable? This family member rents to others, so it wouldn't be a problem making it official (i.e. have a lease and everything).

Assuming I could come up with the funds, would it also be acceptable to purchase that plot of land? We're probably talking $2k-$3k, not too worried as I don't know if it's even feasible at this point.

We wouldn't be keeping our current house, plan on just moving into the RV full-time.

[nomoneynomore]

According to our lawyer, as long as everything is "fair market value", there are records/receipts and it isn't hidden, it is usually fine.

We purchased a vehicle from my parents during our bankruptcy and as long as we did everything fair and square they didn't have any problem with it.

[MarkM]

When family is involved, it is a red flag ... so be sure to document everything with extreme care. That being said, provided everything is above board, there is no reason you cannot lease, sell or buy stuff from relatives. Just be aware that any such transaction is likely to receive a lot more attention and is likely to cost you time/energy/legal fees.